Thursday, June 13, 2013

My First Flip

I work in a small town in the far south suburbs of Chicago. I got a tip that the local police department is having a silent auction to clean house. If you're not familiar with silent auctions, i will fill you in. All you need to do is place a bid at the town hall. Choose a price you're willing to pay for the vehicle. The highest bid wins. Be careful though, you only get one bid.

They had a few Crown Victoria's for sale. The cars were ex police so I expected some wear and tear. I eyed a typical cop car, all white with rubber floors and vinyl rear seats. Car had typical problems. Rust on rear quarter panels, dirty inside, paint scratches, etc. I place my bid of $1200. It was enough to win the car. Good deal.

After transferring the title (a move that was forced by the township) I drove the car home. I buffer and waxed the car, detailed the interior, and fixed the minor problems with the car. All in all i spent $200 on repairs and $200 for taxes and title. Put the car on Craigslist with really good pictures. Listed for $2500. Within a week I sold the car for $2200. Profit of $600. That's pretty good money for something I did in my spare time.

With my first flip complete, I decided I like this. I enjoy working on cars. It's fun for me. That's the key. If you have free time and love cars, go for it! Bookmark this blog and I will continue with my stories throughout the years and I will throw in some tips here and there. Good luck everyone! Ill have some strategies posted soon.

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